COMPARATIVE ANALYSIS OF FINANCIAL PERFORMANCE BEFORE AND AFTER REBRANDING AT PT ANEKA GAS INDUSTRI TBK

Abstract

This study aims to analyze the financial performance of PT Aneka Gas Industri Tbk before and after its rebranding to PT Samator Indo Gas Tbk. The research applies a descriptive comparative method using secondary data obtained from the company’s annual financial reports for three consecutive years (2021–2023). The study focuses on eight key financial ratios: Net Profit Margin (NPM) and Gross Profit Margin (GPM) for profitability; Total Asset Turnover (TATO) and Fixed Asset Turnover (FATO) for activity; Current Ratio (CR) and Cash Ratio (car) for liquidity; and Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER) for solvency. The results show that rebranding generally has a positive impact on the company’s financial performance, particularly in enhancing liquidity and solvency, although profitability and activity ratios experienced fluctuations during the transition period. A temporary decline in profitability in 2022 indicates that rebranding costs and market adjustments affected earnings, while improvements in 2023 reflect better financial stability and operational efficiency. This finding suggests that rebranding can contribute to financial improvement when supported by effective internal management and cost control. The study provides insight into the financial implications of corporate rebranding, especially for capital-intensive industries such as industrial gas manufacturing. It also serves as a useful reference for company management and investors in assessing the effectiveness of strategic rebranding decisions to ensure long-term business sustainability